This is an " objective " theory of value ( see value theory ), which attributes value to real production-costs, and ultimately expenditures of human labour-time ( see also law of value ).
42.
Contrary to popular belief Marx never used the term " Labor theory of value " in any of his works but used the term Law of value, Marx opposed " ascribing a supernatural creative power to labor ", arguing that:
43.
According to the labor theory of value, product-values in an open market are regulated by the average socially necessary labour time required to produce them, and price relativities of products are ultimately governed by the law of value.
44.
Disagreeing with this incrementalist approach, Guevara criticized the " Soviet Manual of Political Economy ", correctly predicting that if USSR would not abolish the law of value ( as Guevara desired ), it would eventually return to capitalism.
45.
So a better approach, it is argued, is to regard the application of the law of value as being modified in the course of the expansion of trade and markets, including more and more of production in the circuit of capital.
46.
On a whim, he decided to launch into the law of value article, but his edits are not merely simple copy-edits, they go well beyond copyediting ( among other things he is unilaterally altering the whole referencing system ).
47.
Generally, the Western New Left adopted the idea that true socialism would involve the abolition of the law of value, since commodity production would be abolished goods and services would be allocated according to need, and primarily according to non-market principles.
48.
According to Marx, the operation of the law of value and the formation of prices of production was modified in capitalist agriculture, because prices for farm output were co-determined by land yields and land ownership-rents quite independently of labor-productivity.
49.
However, he considers " Karl Marx and the Close of His System " to be the best statement of the argument that the fact that the law of value is not directly controlling in capitalist production requires the rejection of the theory of value.
50.
The operation of the law of value in the world market might however seem rather abstract, in view of the phenomena of unequal exchange, differences in accounting norms, protectionism, debt-driven capital accumulation and gigantic differences in currency exchange rates between rich and poor countries.
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